Olushola Omogbehin
The prices of rice have dropped significantly in many places in Lagos markets as a result of a surge in imports through the borders, thereby easing the burden on consumers.
A recent market survey conducted by the News Agency of Nigeria (NAN) showed that a 50kg bag of rice now sells for between ₦55,000 and ₦70,000, depending on the brand and location.
This marks a great decline from what obtained earlier in the year when local rice was sold for as high as ₦85,000 and foreign brands at ₦95,000.
This development has been seen as a result of the reopening of land borders, as well as improved local harvests and increased supply from northern states.
In many Lagos markets such as Oyingbo, Arena (Oshodi), Festac Town, and Mile 12, traders confirmed that both local and imported rice brands have seen a steep drop in prices since August.
As this constitutes good news to consumers, it has however raised concern among traders over reduced profits and business sustainability.
A rice dealer in Arena Market in Lagos known as Mrs. Precious Okoro, lamented the impact on her business.
“We are selling at a loss. I bought several bags at ₦80,000 and ₦85,000 earlier this year and now I have to sell them for as low as ₦65,000. The fall came suddenly, and it’s been tough for us.
“Rice doesn’t spoil easily, but when prices crash like this, our money is tied down. Some of us can’t even restock,” she said.
Expressing her relief. Mrs. Andriana Okoromaro who said the drop was timely further explained that “At least, rice is affordable again. I used to buy a half bag because it was too expensive. Now, I can buy a full bag for the family. It’s a big relief,” she said.
Current prices of rice at FESTAC Town Market according to Mrs. Edith Nwaruh varies with brands. While Pretty Lady is sold at ₦57,000, Mama Africa at ₦62,000, Mama Gold at ₦67,000, Big Bull Premium was sold at ₦73,000.
“We have more rice in the market now. Local production improved, and imports also increased. When there’s too much supply, prices must drop,” she said.
